I have an idea. It's quite possible, though not probable, that the timing chain was put on wrong. If the timing chain was correct then the engine should NOT run at 50 degrees off.
Putting the distributor in on the incorrect tooth wouldn't do it because you would just spin the distributor to get it to fire on the ball.
If the timing chain was installed with the hole lined up straight up (or down) then it very well could be off by... you guessed it...50 degrees.


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) and back again slowly till you get a spark at plug , tighten dizzy and replace plug lead , add dab of tippex to crank pulley and case to show marks for future use then start engine 


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